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Segments

12 Months Ended

Apr. 30, 2025

Segments

Segments

23.          Segments

​

The Company’s reportable segments are as follows:

​

Uncrewed Systems (“UxS”)—The UxS segment focuses primarily on small UAS products designed to operate reliably at lower altitudes in a wide range of environmental conditions, providing a vantage point from which to collect and deliver valuable information as well as related support including training, spare and accessory parts, product repair, product replacement, maintenance and upgrades; medium UAS products designed to operate reliably at medium altitudes with longer range while carrying larger payloads including airborne platforms, payloads and payload integration, and ground support equipment and other items and services related generally to uncrewed aircraft systems including ISR services; UGV products designed to help responders remove, contain or neutralize these hazards in situations where improvised explosive devices, caustic chemicals, nuclear, radiological or biological hazards or violent individuals represent significant danger to humans; and AI-enabled common control and communication solutions that allow any uncrewed system to be controlled from a common user interface while aggregating data from multiple platforms to provide real time intelligence.

​

Loitering Munitions Systems (“LMS”)—The LMS segment focuses primarily on tube-launched aircraft that deploy with the push of a button, fly at higher speeds than small UAS products, and perform either effects delivery or reconnaissance missions, and related support services including training, spare parts, product repair, and product replacement. The LMS segment also includes customer-funded research and development programs.

​

MacCready Works (“MW”)— The MW segment focuses on customer-funded research and development in the areas of HAPS, robotics, sensors, software analytics, data intelligence and connectivity. This segment contains the Company’s center of excellence for the development of machine learning, object identification and autonomy solutions and also seeks to identify new products, services and businesses for the Company.

​

The accounting policies of the segments are the same as those described in Note 1–Organization and Significant Accounting Policies. The operating segments do not make sales to each other. The following table (in thousands) sets forth segment revenue and segment adjusted gross margin for the periods indicated. Segment adjusted gross margin is defined as gross margin before intangible amortization and amortization of other purchase accounting adjustments related to increasing the carrying value of certain assets to fair value. Segment adjusted gross margin is the measure of profitability used by the CODM for purposes of making decisions about allocating resources to the segments and assessing performance.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended April 30, 2025

​

UxS

LMS

MW

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Product sales

​

$

352,932

​

$

333,506

​

$

6,284

​

$

692,722

Contract services

​

​

28,846

​

​

18,471

​

​

80,588

​

​

127,905

​

​

​

381,778

​

​

351,977

​

​

86,872

​

​

820,627

​

​

​

​

​

​

​

​

​

​

​

​

​

Less: Cost of sales

​

​

213,133

​

​

223,422

​

​

65,436

​

​

501,991

Add: Intangible amortization included in cost of sales

​

​

18,480

​

​

—

​

​

925

​

​

19,405

Segment adjusted gross margin

​

$

187,125

​

$

128,555

​

$

22,361

​

$

338,041

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

49,942

​

$

3,806

​

$

5,609

​

$

59,357

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended April 30, 2024

​

UxS

LMS

MW

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Product sales

​

$

415,074

​

$

168,863

​

$

1,834

​

$

585,771

Contract services

​

​

32,932

​

​

23,724

​

​

74,293

​

​

130,949

​

​

​

448,006

​

​

192,587

​

​

76,127

​

​

716,720

​

​

​

​

​

​

​

​

​

​

​

​

​

Less: Cost of sales

​

​

249,763

​

​

124,363

​

​

58,663

​

​

432,789

Add: Intangible amortization included in cost of sales

​

​

12,280

​

​

—

​

​

1,268

​

​

13,548

Segment adjusted gross margin

​

$

210,523

​

$

68,224

​

$

18,732

​

$

297,479

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

27,595

​

$

2,808

​

$

5,346

​

$

35,749

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended April 30, 2023

​

UxS

LMS

MW

Total

Revenue:

​

​

​

​

​

​

​

​

​

​

​

​

Product sales

​

$

268,021

​

$

84,686

​

$

355

​

$

353,062

Contract services

​

​

75,889

​

​

35,938

​

​

75,647

​

​

187,474

​

​

​

343,910

​

​

120,624

​

​

76,002

​

​

540,536

​

​

​

​

​

​

​

​

​

​

​

​

​

Less: Cost of sales

​

​

231,960

​

​

77,888

​

​

57,174

​

​

367,022

Add: Intangible amortization included in cost of sales

​

​

12,731

​

​

—

​

​

1,275

​

​

14,006

Segment adjusted gross margin

​

$

124,681

​

$

42,736

​

$

20,103

​

$

187,520

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

249,925

​

$

2,788

​

$

3,303

​

$

256,016

​

The following table (in thousands) provides a reconciliation from segment adjusted gross margin to income (loss) before taxes:

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended		​	Year Ended		​	Year Ended
​	​	April 30,			April 30,		​	April 30,
​	​	2025		​	2024		​	2023
Segment adjusted gross margin	​	$	338,041	​	$	297,479	​	$	187,520
Intangible amortization included in cost of sales	​	​	19,405	​	​	13,548	​	​	14,006
Selling, general and administrative	​	​	158,753	​	​	114,420	​	​	131,905
Research and development	​	​	100,729	​	​	97,687	​	​	64,255
Impairment of goodwill	​	​	18,359	​	​	—	​	​	156,017
Interest expense, net	​	​	(2,188)	​	​	(4,220)	​	​	(9,368)
Other income (expense), net	​	​	1,057	​	​	(4,373)	​	​	(346)
Income (loss) before income taxes	​	$	39,664	​	$	63,231	​	$	(188,377)

​

Segment assets are summarized in the table below. Corporate assets primarily consist of cash and cash equivalents, prepaid expenses and other current assets, long-term investments, property and equipment, net, operating lease right-of-use assets, deferred income taxes and other assets managed centrally on behalf of the business segments.

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

UxS

LMS

MW

Corporate

​

Total

As of April 30, 2025

​

$

511,505

​

$

313,046

​

$

47,979

​

$

248,037

​

$

1,120,567

As of April 30, 2024

​

$

590,619

​

$

165,413

​

$

50,767

​

$

209,061

​

$

1,015,860

​

Capital expenditures are summarized in the table below (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		UxS			LMS			MW			Corporate		​	Total
Year Ended April 30, 2025	​	$	7,156	​	$	6,717	​	$	7,339	​	$	1,604	​	$	22,816
Year Ended April 30, 2024	​	$	9,630	​	$	5,078	​	$	4,521	​	$	3,754	​	$	22,983
Year Ended April 30, 2023	​	$	8,191	​	$	2,700	​	$	3,045	​	$	932	​	$	14,868

​

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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